App Annie, a company that collects and sells information about the performance of mobile apps, has agreed to pay $10 million to settle a securities fraud investigation, the US Securities and Exchange Commission (SEC) said in a statement.
According to the SEC, App Annie used confidential information from app companies to generate its statistical models of app performance. It told the companies the data they provided would be aggregated and anonymized, and not disclosed to third parties. But the SEC alleged that between late 2014 and mid-2018, App Annie and its former CEO Bertrand Schmitt used data that had not been aggregated or anonymized to make its estimates more valuable to sell to trading firms. And, the SEC alleged, App Annie “shared ideas for how the trading firms could use the estimates to trade ahead of upcoming earnings announcements.”
The SEC says the company ...
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